Crypto Kidnapping Case Complexity Rises as Defense Challenges Victim's Account

Two men, William Duplessie and John Woeltz, have pleaded not guilty in a high-profile case involving the alleged kidnapping and torture of a Bitcoin investor in New York City. The defense attorneys presented videos showing the alleged victim freely moving around the city, engaging in illicit activities, which contradicts the prosecution's narrative of captivity. This development adds complexity to the case, highlighting the challenges in prosecuting crypto-related violent crimes where digital assets are targeted.

Prosecutors, however, maintain strong evidence supporting the kidnapping and torture allegations. Items such as a chainsaw and a loaded pistol were found at the crime scene, along with graphic photos depicting the victim with a gun to his head and being set on fire. These pieces of evidence corroborate the victim’s account of being bound, beaten, and electrocuted in an attempt to access his cryptocurrency holdings. The conflicting narratives underscore the difficulties in verifying events in cases involving digital asset crimes.

This incident is part of a broader pattern of increasing physical assaults and kidnappings aimed at cryptocurrency holders. Notable victims this year include the CEO of a prominent cryptocurrency hardware wallet company and the family of a well-known cryptocurrency exchange CEO, illustrating that high-profile crypto figures are becoming targets. A growing database tracking “wrench attacks”—violent attempts to steal crypto assets—shows that 2025 is already nearing the total number of such attacks recorded in 2024, signaling a disturbing escalation in crypto-related violence.

The case highlights significant security concerns for cryptocurrency investors, emphasizing the need for enhanced protective measures both online and offline. As criminals increasingly resort to physical coercion to access digital wallets, the crypto community and law enforcement agencies must collaborate to develop strategies that safeguard investors. This includes improving legal frameworks, raising awareness, and adopting advanced security technologies to mitigate risks associated with crypto asset theft.

The ongoing legal proceedings in the NYC Bitcoin kidnapping case reveal the complexities of prosecuting crimes at the intersection of physical violence and digital asset theft. While the defendants maintain their innocence, the evidence presented by prosecutors paints a grim picture of targeted violence against crypto investors. This case serves as a stark reminder of the evolving threats in the cryptocurrency space and underscores the urgent need for comprehensive security solutions to protect investors from both cyber and physical attacks.